1 min read.Updated: 15 Sep 2021, 06:12 PM ISTLivemint
Truecaller said it would be listing its Class B shares.
Depending on market conditions, the listing is expected to be completed during the fourth quarter of this year, it added
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Truecaller on Wednesday announced that it would be soon launching its Initial Public Offering (IPO) by listing its Class B shares. The company said in a statement today, depending on market conditions, the listing is expected to be completed during the fourth quarter of this year.
With the IPO, Truecaller will be joining a list of other Swedish companies such as Klarna and Trustly that are looking to tap the public markets.
Truecaller plans to use gross proceeds of about 1 billion Swedish crowns ($116.08 million) to growing its business in existing markets and entering new ones.
Truecaller counts Sequoia, Atomico, OpenOcean and Kleiner Perkins among its investors, and more than 10% of the company was owned by its employees.
The company, which has been profitable, has about 280 million monthly active users and counts India as its biggest market. It earns its revenue from advertising and subscription services.
The company was cofounded by Nami Zarringhalam and Alan Mamedi in 2009. Recently, Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield & Byers, has been appointed as the new chairman, replacing Zarringhalam.
Zarringhalam will remain a member of the company's board as well as its chief strategy officer.
Zarringhalam and Mamedi intends to control a majority of the company's voting power through ownership of Class A shares, news agency Reuters reported.
Mamedi told news agency Reuters, "In some of the Western markets like the U.S. we have seen good traction and we believe that over time those markets will become more interesting for us and we have already started some investments into these markets."
Truecaller is planning to list its Class B shares on Nasdaq Stockholm.
Gordon in an interview with Reuters had said, "This is a time where Alan and Nami would have to provide their best leadership."